Consulting a mortgage broker to help you find the right mortgage product for you could save a great deal of time and money.
Buying a house, especially for the first time, is exciting, but can also be overwhelming. With so many things to tick off the to-do list, organising a mortgage yourself can be time-consuming, confusing and you may not end up with the best deal.
A reputable mortgage broker can search the market for you, working on your behalf to find the right product, tailored to your own individual circumstances. They can do a lot of the hard work on your behalf, making your transition from potential buyer to home owner much more straightforward.
Good mortgage brokers are qualified professionals who have contacts at many banks and building societies. At the start of the process, they should spend time talking to you, to understand your requirements, and then go through your finances carefully, to ensure they can recommend a suitable mortgage.
Before you pick your mortgage broker, find out whether they can look at the whole mortgage market, or if they are limited to certain lenders. They are obliged to tell you if there are limits to the number of products they can advise on. A good mortgage broker should be able to show you a fair mix of mortgage options and they may even have access to deals you could not get yourself. They will know about each lender’s application process, how successful you might be and can even negotiate on your behalf.
Once you have decided on your mortgage, a mortgage broker can also advise you about life insurance or payment protection plans that would suit your new financial arrangements. These can help you or your family continue to make mortgage payments in the event of redundancy, critical illness or death. There can be clauses included in these that a mortgage broker will be able to explain, so you can be clear about exactly what you’re covered for.
It’s important to know if you will need to pay a fee before you start your application with a mortgage broker. Some may require a one-off payment, or it could be an hourly rate. Cost can be linked to the percentage of the amount you borrow, or they may get paid commission by the lender. They should show you Key Facts about charges before you begin and, once you know what mortgage you want, any costs will be listed there, too.
Don’t rush into finding a mortgage broker. Do some research and speak with a few before you decide. You need to feel comfortable and confident they are the right person to help you.
At MBA, we follow a very specific process, to ensure we find the most suitable product for you. To begin, we meet with you at a convenient time, to discuss your current financial situation, employment status, earnings and outgoings. Our aim is to find out as much about your circumstances as possible, so we have a clear picture of your financial status. Then we source the right mortgage product for you and submit your application on your behalf, keeping you updated and informed of progress. Please call today, to discuss your requirements or arrange an appointment.